Question: Under the assumption that prices rise over time, select the following statement that is TRUE. OLIFO inventory is lower than FIFO inventory, and LIFO income

Under the assumption that prices rise over time, select the following statement that is TRUE. OLIFO inventory is lower than FIFO inventory, and LIFO income is higher than FIFO income. O LIFO inventory is higher than FIFO inventory, and LIFO income is lower than FIFO income, LIFO inventory is higher than FIFO inventory, and LIFO income is higher than FIFO income. OLIFO inventory is lower than FIFO inventory, and LIFO income is lower than FIFO income

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